You have a very good point.

Borrowing in a low interest world and now that they will be producing some more metal for sale, is the the prefered method for me. I would favour a larger portion as debt and the less the better in shares and even worse warrants. With warrants (and to some degree shares) the financiers would have us where they want us.
Saw it too often.
Also a solution to those that see the large number of outstanding shares but are blind to the potential resource.